Forecasts of potential 20% growth in Brisbane’s house prices, HTW have released their annual where to invest $500,000 in property, many of the middle ring of Brisbane suburbs.

1. Residential
July 2019

2. Liability limited by a scheme approved under Professional Standards Legislation.
This report is not intended to be comprehensive or render advice and neither
Herron Todd White nor any persons involved in the preparation of this report
accept any form of liability for its contents.
Entries coloured orange indicate positional change from last month.
National Property Clock: Houses
RESIDENTIAL
21
Month in Review
July 2019
RISING
MARKET
Start of
Recovery
BOTTOM OF
MARKET
DECLINING
MARKET
Approaching
Bottom of Market
PEAK OF
MARKET
Approaching
Peak of Market
Starting to
Decline
Albury
Bathurst
Canberra
Dubbo
Sunshine Coast
Kalgoorlie
Newcastle
Southern Tablelands
Central Coast
Coffs Harbour
Geelong
Gold Coast
Lismore
Tamworth
Broome
Geraldton
Illawarra
South West WA
Southern Highlands
Sydney
Hobart
Alice Springs
Brisbane
Bundaberg
Darwin
Ipswich
Melbourne
Perth
Toowoomba
Adelaide
Adelaide Hills
Barossa Valley
Emerald
Hervey Bay
Karratha
Launceston
Shepparton
Cairns
Gladstone
Mackay
Port Hedland
Townsville
Whitsunday

3. Liability limited by a scheme approved under Professional Standards Legislation.
This report is not intended to be comprehensive or render advice and neither
Herron Todd White nor any persons involved in the preparation of this report
accept any form of liability for its contents.
Entries coloured blue indicate positional change from last month.
National Property Clock: Units
RESIDENTIAL
22
Month in Review
July 2019
RISING
MARKET
Start of
Recovery
BOTTOM OF
MARKET
DECLINING
MARKET
Approaching
Bottom of Market
PEAK OF
MARKET
Approaching
Peak of Market
Starting to
Decline
Bathurst
Canberra
Gold Coast
Kalgoorlie
Newcastle
Perth
Southern Tablelands
Broome
Geraldton
Illawarra
South West WA
Southern Highlands
Sydney
Central Coast
Coffs Harbour
Geelong
Lismore
Tamworth
Hobart
Sunshine Coast
Adelaide Hills
Alice Springs
Barossa Valley
Brisbane
Bundaberg
Darwin
Ipswich
Mackay
Melbourne
Rockhampton
Shepparton
Toowoomba
Whitsunday
Albury
Dubbo
Hervey Bay
Karratha
Launceston
Adelaide
Cairns
Emerald
Gladstone
Port Hedland
Townsville

4. 23
RESIDENTIAL
Month in Review
July 2019
Overview
One way to track market performance is to look at
the same metric each year and monitor the trends.
This month, as we do every July, our team is
discussing the various options across the land for
investing $500,000. It’s an excellent benchmark
that paints a vivid picture of real estate movements
throughout the nation.
Sydney
In previous years, the sub $500,000 price point
in the wider Sydney metropolitan was an ever-
diminishing market. As values increased, the
number of properties meeting this criteria reduced
each year. In the past two years however, the wider
market has contracted and as a result, we now have
more options in play in this market.
That being said, when buying property at this
price point, purchasers will still have to sacrifice
in some aspect, be it location, commute time,
accommodation or the overall condition and
features they desire.
It should come as no surprise that western Sydney
provides buyers with the most options in the sub-
$500,000 price range, however there are still some
options available in most parts of Sydney. Whilst
these may be restricted to units, a number of these
areas are now seeing the entry point for houses at
well below $1 million, something that may not have
been conceivable a year or two ago.
Western Sydney
Parramatta provides two major options for buyers
with $500,000 or less to spend. You can pick up
a semi-modern, one-bedroom, one-bathroom unit
or an older two-bedroom, one-bathroom unit. A
recent example is a one-bedroom unit selling for
$488,888 on level eight in the Escen development.
This is a late 2000s built development with
common pool, sauna and gym and within close
proximity of the CBD and rail.
A Parramatta 1 bedroom unit Source: PriceFinder
Further west in Penrith, you have the option of a
modern two-bedroom, two-bathroom unit or an
early 2000s three-bedroom townhouse for sub-
$500,000. Given the wider market cooling over the
past 12 to 18 months, detached houses in Penrith
are now becoming available for sub $500,000.
These properties are generally in fair condition
with irregular blocks or located on busy roads
but provide an entry point for buyers wanting a
detached dwelling on circa 600 square metres
blocks. With some smart renovations, these houses
could prove to be a savvy buy in the long term. A
recent example of this is a neat brick dwelling selling
New South Wales
for $480,000 in March. Externally the property is
neat but is prime for updating internally.
West Ryde is close to the geographical centre of
Sydney and doesn’t usually feature in this topic, but
with the downturn over the past 12 to 18 months,
there are now more opportunities for investors and
first home buyers with older one-bedroom units
selling for early $400,000s within close proximity
of the rail and shops.
Campbelltown provides the most options for the
sub-$500,000 market. You have the option of
three-bedroom detached houses on circa 700
square metre blocks, modern two and one-bedroom
units, or a variety of villas and townhouses. A
recent example is an older 1960s three-bedroom,
one-bathroom dwelling on 691 square metres of
land selling for $450,000. The house had some
minor updates throughout and would be perfect
for a first home or investment. If you are after a
modern unit, there have been some recent sales
between $420,000 and $500,000 of modern built,
two-bedroom, two-bathroom units.
A house in Campbelltown recently sold for $450,000 Source: PriceFinder

5. RESIDENTIAL
Month in Review
July 2019
24
The cheapest house sale of 2019 currently goes
to 2 Ellis Road, Beacon Hill. The sale represents
the absolute bottom end of the market, selling
at auction for $850,000 in February, well below
the Beacon Hill median house price of $1.421
million (source: CoreLogic). As you can imagine,
the price discount comes at a cost to the location
and the quality of the existing improvements.
The property comprises the original circa
1960s timber weatherboard dwelling, situated
on approximately 538 square metres of land
and adversely located on the corner of a busy
intersection to Warringah Road.
2 Ellis Road, Beacon Hill Source: realestate.com.au
Inner West
A budget of $500,000 will generally restrict you
to studio and one-bedroom apartments within this
region of Sydney. In comparison to this time last
year there are probably slightly more properties for
sale in this price bracket, however it is still relatively
slim pickings.
44/1259-1263 Pittwater Road, Narrabeen Source: CoreLogic
The only suburb where a two-bedroom unit is
available in this price range is Dee Why, with a unit
at 2/7 Ilikai Place scraping in at $500,000 even,
enjoying a 4.7 per cent yield.
The product types and price bracket obviously
appeal primarily to first home buyers and investors.
Interestingly, four of the five examples have been
subsequently listed for rent immediately after
the sale, which is a good indication of the target
market. Yields between four and five per cent
are fairly consistent across the board, with rents
ranging between $380 and $465 per week for the
above mentioned properties.
By looking at buying the ugly duckling in a desired
location, there is opportunity to create value and
it is much easier to renovate than relocate your
unit. Whilst there should be no expectation of any
significant capital growth over the next 12-month
period, there are some early market indicators that
the worst may be behind us.
The sub-$500,000 price point is mostly made up of
first home buyers and investors. These participants
are generally sensitive to price and interest rate
movements. A number of the major lenders
recently reducing their interest rates is likely to
have a positive impact on this sector of the market.
Within the new estates in western Sydney, buyers
with a budget of up to $500,000 can mostly only
find land. Examples would include a rectangular
shaped 350 to 500 square metre parcel in Box
Hill in the north-west or Austral in the south-west.
The variance in price will depend on frontage and
position within the developing suburbs. Given this,
we have recently seen some three-bedroom, two-
bathroom villas for sale at this price point in Austral
and there are units proposed for Box Hill which will
fall under $500,000.
For even better value, buyers can head to North
Richmond, where for $475,000 to $500,000 you
can acquire a 650 to 700 square metre, rectangular
shaped block. The commute is circa 70 kilometres
from the Sydney CBD, but more importantly circa
50 kilometres from both Parramatta CBD and the
proposed second airport at Badgerys Creek.
Northern Beaches
There would be no great surprise to most that the
sub-$500,000 market is still thin in the Northern
Beaches. That being said, there is currently a
greater amount of stock, a wider variety and
located in a number of additional suburbs than
there has been for several years.
A Narrabeen sale in June for $450,000 with a
4.7 per cent yield, a Balgowlah sale in April for
$425,000 with a 4.8 per cent yield, an Avalon sale
in May for $450,000 with a 4.4 per cent yield and
a Dee Why sale in May for $450,000 with a five per
cent yield, are all areas in which older style one-
bedroom units have sold in 2019.
By looking at buying the ugly duckling in a desired location,
there is opportunity to create value and it is much easier
to renovate than relocate your unit.

6. RESIDENTIAL
Month in Review
July 2019
25
work themselves or draw on industry connections.
Alternatively, it could be a more established
purchaser with funds to renovate.
However, we would advise that banks are likely
to be cautious with lending for renovation or
construction projects in the current market and this
should be factored into a buyer’s decision making
if they intend to borrow a large portion of the
property value.
These entry level properties will continue to remain
subdued for the remainder of this year. Depending
on local and wider economic conditions, we might
start to see minimal growth at some point in 2020,
although if needing to resell the property in the
next year or so, it is unlikely that someone would
see much of a profit if any, particularly after you
consider stamp duty and other acquisition and
selling costs.
Eastern Suburbs
The eastern suburbs of Sydney don’t usually
conjure ideas of property in the sub $500,000
sector. At this price point, you will only find older
style studio or one-bedroom units.
A one-bedroom, one-bathroom unit with single car
space on Anzac Parade at Maroubra sold in May for
$385,000. Although with a tight 24 square metres
of living area, the top floor 1970s unit had been
updated internally and provided a good first home or
investment opportunity close to Maroubra Junction.
Strata living is not for everyone so if you are looking
for the absolute entry point for a Torrens Title
dwelling, you will be looking at original attached
cottages on small allotments which typically require
extensive renovation or restoration.
A property at 34 Flora Street, Erskineville, which
sold for $720,000 in May is the most affordable
house sold in the region this year. The dwelling is
an original dilapidated one-bedroom cottage on
82 square metres of land and located adjacent
to a unit building and within close proximity of
railway lines.
A 1 bedroom cottage in Erskineville Source: realestate.com.au
There was a similar style property at 26 Flora
Street that sold in July 2018 for $860,000. This
is further indication of price reductions within this
region over the past twelve months or so.
This type of property could be a good opportunity
for someone in the financial and personal situation
to buy the property and renovate it. This could be
a tradesperson or someone who can do a lot of the
A one-bedroom unit at 22/106 Wardell Road,
Marrickville sold for $455,000 in June this year.
A similar unit within the same development sold
for $570,000 in March 2017 which was considered
to be just before the peak of the current property
cycle in Sydney.
An expected rental return would likely be around
$400 per week for the above example and this
reflects an approximate gross annual return of 4.5
per cent (based on the purchase price of $455,000).
A Marrickville one-bedroom unit Source: realestate.com.au
This property type and price point appeals to first
home buyers and investors, however first home
buyers are currently more active in the market
and have stronger borrowing power as owner-
occupiers, which gives them the upper hand over
investors. This is a welcome change in comparison
to the years prior to the peak of the market.
If purchasing for the right reasons, in line with
financial and personal goals and with a long-
term view, then there is reason to purchase with
confidence. However, if a first home buyer or
investor is over extending themselves just to get
into the market or is expecting to see strong capital
growth within the next year, then there is a greater
chance they could be disappointed.
If purchasing for the right reasons, in line with financial and
personal goals, and with a long-term view then there is reason
to purchase with confidence.

7. RESIDENTIAL
Month in Review
July 2019
26
now significantly lower at $1.27 million (source:
PriceFinder).
It is hard to envisage the housing market in the
eastern suburbs declining much further. For the
kind of money that the discussed properties sold
for, we are seeing modern units selling for similar
prices in some instances. Historically, purchasing
land is superior for long term capital growth and we
haven’t seen opportunities like this in a fairly long
time. Now may be the opportune time to get your
foot in the market if you are a first home buyer or
looking to capitalise on a renovation property at
this price point.
Southern Sydney
In the sub-$500,000 range in St George and
the Sutherland Shire, the properties available
to you are going to be older style one and two
bedroom units. This style of property is popular
with investors or young singles or couples looking
to enter the property market. Some suburbs
within these areas such as Kirrawee and Miranda
are currently also being flooded with new unit
complexes which could raise problems with
oversupply in the near future.
In the beachside suburb of Cronulla, older style
one-bedroom, one-bathroom units are available
in the $400,000 to $500,000 range. This style of
property is usually aimed at investors and would
achieve a rental of around $400 per week.
A recent sale in April, was a 39 square metre,
one-bedroom, one-bathroom unit in a complex
of ten in Wood Lane. The unit had a renovated
kitchen and updated bathroom and although it is
without parking, it was well located to Cronulla
railway station and beaches. The property sold
for $419,000 and was rented in 2018 for $370
per week.
market, with potential to add additional living area
or bedrooms, subject to council approval. So,
although positioned at the very bottom end of the
house market, money is going to have to be spent
undertaking renovation works to make it habitable,
possibly eliminating some first home buyers.
Interestingly, Eastlakes had a median price of $1.7
million at the peak of the market in 2017, with the
current median now significantly lower at $1.3
million (source: PriceFinder).
37 Universal Street, Eastlakes Source: CoreLogic
This sale in Eastlakes is not a one-off example of
properties selling in this price range. 8 Tunbridge
Street, Mascot sold in early June for an advised
price of $890,000. The property comprises
a small two-bedroom, one-bathroom semi-
detached timber weatherboard dwelling with no
car accommodation, although it does feature
renovated interiors.
Mascot had a median price of $1.409 million at the
peak of the market in 2017, with the current median
9/855 Anzac Parade, Maroubra Source: CoreLogic
Although we have seen prices generally declining
over the past 12 months, the chances of buying a
house in the east for $500,000 are still far from
a reality. However, we are starting to see some
sale transactions well below $1 million, which two
years ago would have been extremely hard to
come by. Properties selling at this price point of
course have all the attributes you would expect,
including small blocks of land, renovation projects
and secondary locations.
One such example is 37 Universal Street,
Eastlakes which recently sold for a reported
price of $860,000. This property was on the
market for 48 days with an asking price of
$909,000. As expected for this price point, the
property comprises only one bedroom and one
bathroom accommodation, in dated condition
throughout with a full refurbishment needed
and situated on a comparatively small allotment
of 199 square metres. The marketing for this
property was obviously aimed at the renovator
Now may be the opportune time to get your foot in the market if
you are a first home buyer or looking to capitalise on a renovation
property at this price point.

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Month in Review
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27
With recent events around the election, interest
rates and APRA restrictions, it is hard to imagine
the bottom end of the market going any lower than
what we have seen in the first part of 2019. These
properties provide a good opportunity for first
home buyers and investors to get into the market at
what is most likely going to be the most affordable
time in the current cycle.
Lismore
In the Lismore local government area, a lazy half
a million provides the buyer with a multitude
of choices to own a better than average four-
bedroom, modern dwelling on flood free land, with
a good chance of getting better than average views
thrown in.
30 James Rd, Goonellabah Source: RP Data
30 James Rd, Goonellabah Source: RP Data
square metre battle-axe block, backing onto a
school and located opposite the railway line.
Another example was a property on the Princes
Highway in Engadine which also sold in March for
$680,000. This property was on a larger 582
square metre lot, but located on the very busy
highway and also in close proximity to the railway
line. The well-maintained brick and clad home
has three bedrooms, one bathroom and tandem
carport, with the additional features of a large
family room with bar, covered outdoor barbecue
area and workshop or shed.
A Jannali house sold for under $700,000 Source: CoreLogic
A Engadine house sold for under $700,000 Source: CoreLogic
4/5 Wood Lane, Cronulla Source: CoreLogic
4/5 Wood Lane, Cronulla Source: CoreLogic
Whilst there haven’t been any house sales in the
Sutherland or St George areas below $500,000
this year, there have been a number in the high
$600,000s, thanks to price declines over the
past two years. As can be expected, to pick up a
property in this price range, a purchaser will need
to be making some concessions on aspects of the
property.
A recent example of a house selling below
$700,000 was a single level, brick veneer, 1990s
built home in Jannali which sold in March for
$670,000. The property, which was in original
condition, comprised three bedrooms, two
bathrooms and one-car garage located on a 391

9. RESIDENTIAL
Month in Review
July 2019
28
22/2 Taylor Avenue, Goonellabah is offered
for sale for $265,000. The property has three
bedrooms, one bathroom and a single car garage
and is within minutes of shopping centres, sporting
fields, schools, university, hospitals and the aquatic
centre. Rental achievable for this type of property
is $300 to $350 per week depending on condition,
reflecting a yield of 5.8 to 6.8 per cent gross yield.
With the federal election in the rear-view mirror
we expect that the housing market in the Lismore
area will continue to be steady and stable with
a business as usual outlook. Major growth has
already happened in this region in recent years
and unless there are significant economic incentive
schemes initiated or major job creation projects
announced, it is expected that the market will
continue to be steady as it goes.
Casino/Kyogle
Whilst the market activity over the course of the
first six months of 2019 has softened somewhat,
little has changed from the previous year in terms
of what one can score with a lazy half a million. In
other words, in some places, that $500,000 would
get you less whereas in some places, you could get
more for your money.
However, the mix of product may have remained
relatively similar, particularly in the more regional
areas within the Richmond Valley and Kyogle
Council areas.
Still, in the more remote areas, we have noted a
distinct fall in some market sectors. For example;
◗◗ $50,000 to $75,000 per steep timber vacant
40 hectare bush blocks in the rural localities of
Drake and Tabulam; or
◗◗ $120,000 to $125,000 standard vacant
residential blocks in Casino and Kyogle. Relatively
Lot 2/41 Phillip Street, Goonellabah Source: HTW
Lot 2/41 Phillip Street, Goonellabah sold very
recently with a three-bay shed and full boundary
fencing on a 973 square metre allotment for
$152,000. For the lazy $500,000, that leaves
nearly $350,000 to build your dream home and
plenty of land to do so.
Within the unit market, $500,000 will upsize
your property portfolio by two should you wish
to buy two two-bedrooms units and use the full
allocation, with a number of semi modern two and
three-bedroom units and townhouses listed for
sale in East Lismore and Goonellabah for between
$210,000 and $265,000.
22/2 Taylor Avenue, Goonellabah Source: RP Data
30 James Rd, Goonellabah Source: RP Data
30 James Road, Goonellabah is a well built, 2002
four-bedroom, three-bathroom, two level modern
dwelling that sold very recently for $500,000
(source: HTW). The sweetener to this property
is that with the addition of one door to the lower
level, it would be possible to sublet the lower level
to generate a rental income for the owner of up to
$200 per week.
A new four-bedroom, two-bathroom house and
land package in Goonellabah can be purchased
for between $450,000 and $500,000. Theses
dwellings are not located within the main stream
capital growth areas of the region, but do provide
a brand-new dwelling with the associated solid
rents and full tax depreciation benefits. They are
flood free with modern underground infrastructure
and convenience and major shopping, medical
and schooling within a five-minute drive. These
properties are well suited to the modern family that
needs convenience in their busy lifestyles.
Vacant land within the established and new estate
areas in the Lismore suburbs can still be found
below $200,000. Standard sized allotments in
the modern estates within the suburban areas of
Lismore are priced at between $185,000 and up to
well over $250,000.

10. RESIDENTIAL
Month in Review
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29
Byron Shire is almost void of the $500,000 price
bracket and has spread to localities in recent times
considered secondary. It should be considered
however, that the unit market in Ocean Shores
would be all on offer for a lazy half a million dollars.
This suburb provides a great locality to major
service centres such as the Gold Coast airport and
major shopping facilities.
Clarence Valley
Within the Clarence Valley, there remain ample
investment opportunities for under $500,000
across a plethora of property types. Median prices
in localities such as Maclean and Grafton sit well
below, while Yamba and beachside localities record
medians closer to half a million dollars. As in most
property markets, the lower end receives the most
interest while the more prestige style properties
over $500,000 have been recording slightly slower
selling periods of around three to six months, which
is still a healthy marketing period.
Across the Clarence Valley, there remain numerous
detached dwellings, units and even some acreage
and rural residential properties for sale at
affordable sub-$500,000 prices. Over the past 12
months, this market has performed in line with our
predictions and is likely to continue at this level
until the infrastructure upgrade workforce shifts.
Despite the initial attention associated with local
infrastructure improvements slightly subsiding as
the Pacific Highway and Harwood Bridge upgrades
near completion, it continues to be a prime time to
capitalise on rental returns whilst keeping in mind
the opportunity for capital gains in the long term.
Coffs Harbour
Not much has changed from last year within the
lazy half million price bracket. Yes, the market has
cooled its jets with the pendulum swinging toward
overriding climate of people expressing that old age
concern of ”is my job secure?”
Ballina /Byron Bay
Value levels at or around the $500,000 mark have
been relatively stable over the past 12 months.
$500,000 would get you a basic two-bedroom unit
within Lennox Head, whilst in Ballina $500,000
would get you a reasonable three-bedroom villa
or townhouse or a basic but neat and tidy three-
bedroom dwelling. Further west in Alstonville or
Wollongbar, $500,000 would get you a neat and
tidy circa 1990s three-to-four-bedroom dwelling.
In Byron Bay, $500,000 would only allow you to
purchase a basic one to two-bedroom townhouse or
villa located west of the city centre.
$500,000 in Lennox Head would buy you a basic
unit within reasonably close proximity of the
Lennox Head shopping precinct and beaches.
In truth, potential purchasers looking to buy into
the Byron Bay or Lennox Head market will almost
need a lazy $750,000 at a minimum for a solid
investment opportunity.
Ocean Shores however would present an easier
opportunity to spend a lazy half million in a dated
two to three-bedroom townhouse villa option.
Three-bedroom houses can be purchased at around
the $600,000 mark.
As the market has continued to firm over the past
12 months, these opportunities, even within the
locality of Ocean Shores, have become harder
to find. The prediction from last year’s lazy half
million edition remains true, as the market in the
flat but may ask slightly more than $125,000
individually, so a package deal of say four at the
nice round figure of $120,000 each would be hard
for a vendor to pass up in the current market.
There are not too many residential properties
within Casino or Kyogle that would use up the
whole $500,000 in one transaction apart from
the sought-after areas of Gays Hill (Casino) or the
newer residential estate in Kyogle and possibly
within the satellite suburb of Geneva.
Such properties usually deliver the full quota of
features such as air-conditioning, good quality
appointments, pool, established landscaping and
larger site area.
For those inclined towards a more rural residential
setting, there are opportunities to use a substantial
part of the $500,000 gift to acquire an established
modern four-bedroom, two-bathroom home
with double garage in close proximity to the
town centres of Casino or Kyogle. Typically, such
properties would comprise lots ranging in size from
4,000 square metres to five hectare.
Semi-remote rural localities with properties on lots
from 40 hectares to even 100 hectares purchased
under $500,000 are still available and provide
semi-modern homes with established ancillary
improvements. However, distance and maintenance
of the land are factors that any potential purchaser
must consider.
At present, even with the record low interest rate
levels now even lower compared to last year, the
future of any significant price improvement is not
generally clear or warranted as there is still the
Little has changed from the previous year in terms of what
one can score with a lazy half a million.

11. RESIDENTIAL
Month in Review
July 2019
30
Newcastle
Where in Newcastle can you buy a property for
a lazy half million? Let’s first start off by saying
really, half a million dollars is still a great amount of
money to have available to spend on property. But
can you buy a property in Newcastle area for less
than $500,000?
Short answer – yes.
Longer answer – yes, but it also involves further
questions of what type of property you’re after,
the location of the property, and whether it’s
for you to live in or as an investment. There are
plenty of questions that only a buyer can answer
as everyone has different tastes and budget
requirements.
As we all know, the further from the city centre
you go, the more affordable prices become. If the
lazy half million is your budget, you can start your
search by answering a few of the above questions
to give yourself an idea of where best to begin.
North Lambton is showing more promise for
those looking for more breathing room in the lazy
half million budget. The suburb is still close to
everything with a range of house and unit types
and land sizes to match. The average median
price in North Lambton is $540,000 (according
to RP Data, 2019) but looking more closely in the
suburb you can find some properties which can tick
your boxes. A property in the area recently sold
for $480,000. This two-bedroom, one-bathroom
dwelling which may need a little TLC depending
on owner requirements is situated on 556 square
house price of $475,000 and rental of $430 per
week. Well located to Woolgoolga, the new estates
west of the highway have become very popular
with owner-occupiers and investors. Land prices
around the $250,000 mark and build costs starting
from $280,000 sees new product hitting the low
$500,000s. Woolgoolga tips the median house
price at $520,000, however it’s hard to find a
home in central Woolgoolga for this price, more
your good quality unit at this level. West of the old
Pacific Highway will put you into a 20 to 40- year-
old brick and tile home.
If you are looking for more bang for your $500,000
buck then you will have to travel further afield
to the smaller coastal towns such as Nambucca
Heads. Here, the median price falls to $395,000
with rental of $350 per week. At $500,000, you are
expecting a lot more home or good location closer
to the beach, although I would not suggest this is
a good option for investors as rentals are on the
lower side with better options for returns.
If you are looking at the rural residential market,
$500,000 will not buy you much other than a
block of land with a shed in the greater Coffs
Harbour area. You have to travel 45 minutes in
any direction before you hit the affordable rural
market which appeals to lifestyle buyers rather
than investors.
There is plenty of diversity on offer within
the region for $500,000 which is why we are
experiencing continual population growth as the
affordability factor and lifestyle opportunities
sometimes seem too good to be true.
buyers after being firmly in the seller’s court over
recent years. This swing has seen all the pressure
on the prestige or higher end market of $900,000
plus whilst the $500,000 market continues to
remain stable.
Looking at the median house prices (sourced from
realestate.com.au) for different suburbs illustrates
this point. Coffs Harbour sits at $505,000 with
rental value of $440 per week, Boambee East
$479,000 and $420 per week, Toormina $459,000
and $420 per week.
These areas are your meat and potatoes with
regard to suburban locations well located to all
services and as always, nowhere is too far from
the beach. You would expect to buy a 20 to
40-year-old three or four-bedroom, two-bathroom
home with varying car accommodation on a 500
to 1,000 square metre site for your $500,000
and for the investors, returning around four to
five per cent.
Moving further afield to the northern beaches and
Woolgoolga we see these values rise somewhat
which is due to the limited supply and influence of
rural residential markets. The most affordable for
your $500,000 is Sandy Beach which has seen
a resurgence in recent years, having a median
If you are looking for more bang for your $500,000 buck then
you will have to travel further afield to the smaller coastal towns
such as Nambucca Heads.
Coffs Harbour Source: industry.nsw.gov.au

12. RESIDENTIAL
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31
the cost beyond your original $500,000 mark.
So in finale – yes, you can find properties for a lazy
half million, but its location and features will be
entirely dependent on the buyer’s requirements.
Tamworth
$500,000….the lazy half million. With this level
of buy-in in the Tamworth market, a prospective
buyer has available a large range of potential
purchases all with solid growth and a good outlook
for the future.
Beginning with new builds, $500,000 allows buyers
to either purchase a newly constructed home or
build their own, with 180-plus square metres of
living and the standard double garage and alfresco.
These dwellings are normally located on 700 to
1,500 square metre lots within the suburbs of
Calala, North Tamworth, Moore Creek and Hillvue.
With some of the newer subdivisions now a few
years old, there are starting to be several resales
which are showing strong sale prices as people are
opting to purchase newer houses with all of the
landscaping and site works complete, over building
their own.
Now if suburbia is not your thing, the next place
to look is the rural-residential market. Over
recent years we have seen an increase in values
in the smaller rural residential market (one to
ten hectares), however $500,000 still gets you
a reasonable home on acreage. Within this price
bracket, buyers are looking at places around
Daruka, Moore Creek and Hallsville. Typically you
will get a two to six hectare site with a circa 1980s
to 2000s dwelling in original, but good condition.
Recently, 20 Cypress Pine Lane, Daruka sold for
$521,500, and consists of a circa 1997, three-
bedroom, two-bathroom dwelling with detached
workshop and granny flat sitting on 1.22 hectares.
its vacant land options and plenty of newly built
houses, but Maryland has options for those wanting
to keep below $500,000. You can find the more
typical brick dwelling styles of the 1990s which can
fit larger family sizes right down to unit dwellings
for the professional investor. The median price for
Maryland is $510,000. As we mentioned above in
regard to North Lambton, this suburb has a range
of prices which can flirt around the $500,000, but
depending on your tastes you can definitely find
something here to suit your needs.
A recent sale in Maryland was a four-bedroom,
two-bathroom and two-car garage which went for
$482,500 in April 2019.
Crosbie St, Maryland sale of $482,500 Source: realestate.com.au
In last year’s July Month in Review we looked at the
same topic of where to buy for less than $500,000.
We looked at Wallsend as a good option for those
who didn’t mind not being close to the city centre.
We still stand by this statement as Wallsend is a
good option for that price range.
Another interesting note we mentioned back in
2018 is that, yes, bargains can be found with closer
proximity to the city centre area but they are
sometimes harder to find and need more TLC than
others. The compromise is that you then need to
spend some money on renovations which can lift
metres of land. It’s close to schools, John Hunter
Hospital and also the Newcastle University
Callaghan campus.
High St, North Lambton sold for $480,000 Source: realestate.com.au
Looking at units now, there has been an increase
in the number of townhouses and units in the area,
with plenty of options to choose from. A recent
sale in December 2018 was a three-bedroom, one-
bathroom townhouse with one-car garage space
for $425,000. This unit is located close to the
Newcastle University Callaghan Campus with an
approximate weekly rental range of $430 to $450
per week.
North Lambton unit sold for $425,000 in 2018 Source: realestate.com.au
Maryland, located west of Newcastle, is sometimes
overlooked for the nearby suburb of Fletcher with

13. RESIDENTIAL
Month in Review
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32
garage, and a two-bedroom, one-bathroom, one-
car garage unit at the rear, again in Glenroy. This
property, appealing only to investors, has been on
the market for 440 days, so it looks like you won’t
need $500,000 to buy. Generally, you can invest in
Albury for much less.
The properties that have sold right on the half
million comprise a circa 1960, renovated three-
bedroom, one-bathroom, two-car garage on an
elevated 721 square metre allotment in an area
called Forrest Hill, which is a sought after location
just north-west of central Albury, where half a
million is entry level only and in a similar location,
an Art Deco, part renovated three-bedroom,
one-bathroom, one-car garage on an elevated
722 square metre allotment. This snapshot is
very specific, but the point is that in Albury, if
you have $500,000 to spend, the main pressure
point is location as otherwise there is a range
of property types available. For much less than
$500,000, a home owner or investor can run the
gamut in regard to age, style, size and ancillary
improvements and once the purchase steps over
the half million threshold, probably dwelling
and land size, view or location and ancillary
improvements really stand out. The home owner
in this bracket is most likely an upgrader, cashed
up metro tree changer or the forever home new
builder. The residential investor will need more
than $500,000 to enter the four-unit flats building
market in a good location, however a smaller
complex or one in a secondary location such as
Lavington will come in well under the $500,000
mark, and in this area, purchasing two freestanding
dwellings for rental with change is still possible.
In regard to the best performing properties with
$500,000 burning a hole in an investor’s pocket,
Albury has had a good capital growth run over
the past five years, so growth based investment
Now that we have covered owner-occupiers, let’s
have a quick look at investors.
The humble duplex or triplex is the way to go for this
price bracket. The past six months have seen strong
interest in duplexes with their high gross return of
six to eight per cent which has caused an increase in
sale prices for these properties. The other option is
to simply buy two properties. If this was the desired
option we would be looking at South Tamworth and
Hillvue, where a 1960s three-bedroom dwelling can
be had for as little as $220,000 all the way up to
$300,000 for a fully renovated property. These
locations would expect a six per cent rental yield
giving a nice return on investment.
Albury
In the Albury area, the price point of $500,000
is a bit of a no man’s land. It is too much for
most housing stock or not nearly enough for the
remainder. A snapshot of this in real time is a quick
search of what is for sale and what has sold at this
price point.
What is currently for sale dead on this figure is
really interesting and reflective of the range of
choice for home owners and investors alike in this
market. There are only four properties listed at
$500,000 against a backdrop of 55 properties
listed in the range of $450,000 to $550,000.
Similarly, in the past 12 months, two properties sold
for $500,000 and 14 sold in the range of $450,000
to $600,000 (Corelogic). The properties for sale at
$500,000 comprise a circa 2000, four-bedroom
plus, two-bathroom, two-car garage on an elevated
855 square metre allotment with local views in
Glenroy, north west of Albury CBD. Also in the same
suburb is a circa 2011, five-bedroom, two-bathroom
property with a pool on a 1,202 square allotment
and the other property is a circa 2015, duplex
pair, with four bedrooms, two bathrooms, one-car
If space is what you need, then this is the market
for you.
Last but not least are the character houses
located in north and east Tamworth. Here, buyers
are after the double brick, federation home
located within close proximity of the CBD. Our
budget allows buyers to pick up a two to four
bedroom home with established grounds, but in
need of update, as they are typically in original
or partially updated condition. Recent years have
seen strong growth within this market as owner-
occupiers look to upgrade and live in Tamworth’s
more prestigious suburbs.
55B Napier Street, East Tamworth Source: realestate.com.au
55B Napier Street, East Tamworth, recently sold for
$525,000 and consists of a 1940s, three-bedroom,
one-bathroom brick home with partially updated
interior. While in good condition and with a new
kitchen, there is certainly scope for big renovations
for this property. With prices having crept up in
recent years, buyers are now also opening up
their options to central West Tamworth, where
this year we saw a 1940s renovated four-bedroom,
two-bathroom house with pool and above average
ancillary improvements sell for $470,000, (43 King
Street).

14. RESIDENTIAL
Month in Review
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33
appealing to the retirees market who have some
available money from downsizing either locally or
moving from Sydney.
This price sector performance in the short to
medium term will be mixed. Hill Top has seen the
most significant decline in the past 12 months
but appears to be stabilizing. Colo Vale has also
seen a decline over this period of time. Moss Vale
and New Berrima have seen minor adjustments
in comparison to the northern villages. We
anticipate that in the short term, the slow sales
rates will continue and overall volume will be
down in the Southern Highlands, however, we
believe the medium term to be positive due to the
region having good proximity to Sydney and the
continuing growth of Sydney’s south-west corridor
bringing the Highlands closer to greater Sydney.
Buyers at this price point are mostly young families
across all four suburbs. Again, due to the proximity
to Sydney, we believe the medium to long term
outlook for the region is positive.
In terms of rental return, a typical three-bedroom,
one-bathroom brick and tile dwelling will achieve
a base rental of $375 with up to $500 achievable
in Moss Vale for a renovated property. We have
however noticed a slight decline in rental returns
over the past six to 12 months.
We noted this time last year the ramp up of the
northern villages of the Southern Highlands of
Hill Top and Colo Vale. We observed isolated
opportunities in this area, however due to the
recent softening residential market we have seen
more opportunities sub $500,000 emerge in Hill
Top. We are also seeing some entry level homes
in Colo Vale now available in the early $500,000
price bracket. This is also relevant further south
in the New Berrima area with more properties
becoming available in the low $500,000 bracket as
Vale, West Moss Vale and New Berrima. Moss
Vale and Colo Vale are realistically priced in the
$500,000 to $600,000 bracket. New Berrima
and Hill Top have some sub-$500,000 houses
available too.
The best performing property at $500,000 is
located in Moss Vale, due to solid infrastructure
growth in the precinct and future growth appears
to be on track. Colo Vale is good too with good
proximity to the Hume Highway and Mittagong. It
appeals to commuters with a trip to Sydney being
achieved in just over one hour (depending on
traffic). Another spot is New Berrima which, again,
appeals to commuters and logistics workers due
to excellent proximity to the Hume Highway, the
Sydney CBD being 1.5 hours north and Goulburn
and Canberra being one hour and 1.5 hours
south respectively.
Solid investing for detached housing is in Moss
Vale and Colo Vale, with 1980s to 1990s brick and
tile homes in the range of $500,000 to $600,000
depending on land size and property condition.
Also, look at Hill Top and New Berrima with similar
1980s to 1990s era with some older style homes
generally in the $425,000 to $500,000 bracket
and brand new homes starting at $600,000.
For units, there’s limited supply in Hill Top, Colo
Vale and New Berrima. Moss Vale has a small
supply of older style villas and townhouses.
Recently we have seen villa and townhouse
developments coming on line as Moss Vale
town centre increases in profile to be similar to
Bowral and Mittagong. These new properties are
requires astute decision making. It is probably
continuing attractive rental returns that may drive
the investment market in the short to medium
term now, and the best performers here are well
below $500,000. Units probably represent the
best return on investment in most areas of Albury,
followed by sub-$200,000 dwellings that may
have subdivision or flipping potential. However, if
it is a single transaction for the half million spend,
it is really a long-term acquisition or investment
at this level, as rental returns for large homes are
weaker than more basic stock and the market looks
to be levelling off for generic new homes with an
oversupply predicted in Thurgoona and agents
reporting investors leaving the market chasing
potential capital growth in the falling markets of
Sydney and Melbourne.
There has been strong growth in the rural
lifestyle market in the surrounds of Albury, so
$500,000 will not be enough to secure a farmlet
change. Between out of town buyers and the
aspirations of many locals to upgrade to the rural
lifestyle choice, more funds than half a million will
be required.
It is great to have choice when assessing property
investment options, whether for owner-occupiers
or investors, and Albury has bucket loads of choice
where purchasers should be able to work their half
million hard rather than accept poor or lazy returns.
Southern Highlands
In this area, $500,000 will buy a circa 1970 to
1990 three-bedroom brick and tile in Hill Top, Colo
In the Albury area, the price point of $500,000 is a bit of a no
man’s land. It is too much for most housing stock or not nearly
enough for the remainder.

15. RESIDENTIAL
Month in Review
July 2019
34
dwelling on 880 square metres in Bomaderry for
$455,000;
◗◗ A basic updated three-bedroom home in Mount
Warrigal for $395,000;
◗◗ A 1970s renovated two-bedroom ground floor
unit in Kembla Street, Wollongong for $425,000;
and
◗◗ A partially renovated three-bedroom villa in
Bellambi for $420,000.
If you are after volume, $500,000 could purchase
two blocks of land such as an 800 square metre
block in Bomaderry that recently sold for $242,000
or a 640 square metre split level lot in Calderwood
which sold for $220,000.
Investors with $500,000 to spend need to consider
factors including the immediate return from rental
income along with longer term capital growth.
While rental growth has also slowed recently, we
haven’t seen too much decline. This means that
returns to investors are looking a lot more inviting
than 12 to 18 months ago. Consider an older style
two-bedroom unit in Wollongong for $400,000 and
rented at $375 per week, a gross return of 4.9 per
cent. The same unit would have sold for $460,000
just 18 months ago and the return then would
have been 4.2 per cent. On the other hand, capital
growth is a lot harder to predict. From 2013 to 2017,
the market grew across all residential sectors in the
Illawarra and it is very difficult to say that one spot
will perform better than another.
The property market is cyclical and will return to
an upward trend at some stage. Recent indications
are that buyer activity has picked up and auction
clearance rates are returning to decent levels.
These are signs that the market may have
bottomed, however we will need to see a longer-
term trend to be confident of this.
can expect a circa 2000s brick veneer dwelling
with four bedrooms and two bathrooms in areas
such as Green Valley Road and Dimitri Street.
These properties generally rent for $400 to 450
per week. This price point allows for buyers to
purchase a new three-bedroom, two-bathroom
detached dwelling on a much smaller allotment
which typically rents for $380 to $400 per week
- think McAlroy Place, Kidd Circuit and Huxtable
Place. Despite being a thinly traded market at this
price point, the older style double brick properties
closer into town can also fetch similar money.
In our opinion, the medium and longer term
prospects of Goulburn will continue to transform the
region as we see a broadening purchaser catchment
comprising more young families, first home buyers
and investors entering the market. In turn, we
feel the median house price will continue to edge
towards $500,000 with more developments coming
online or nearing completion such as the Teneriffe
Estate and Canberra and the Southern Highlands
buyer’s market seeing the market as an affordable
lifestyle alternative with easy access to the Federal
and Hume Highways, Canberra City and Airport.
Illawarra
Declining residential property prices throughout
2018 and 2019 means that $500,000 is now
back in play in many Illawarra areas. A search on
realestate.com.au shows that in the past month,
sales of properties under $500,000 include:
◗◗ An older three-bedroom home on 643 square
metres in Albion Park for $480,000;
◗◗ A four-bedroom, two-bathroom brick and tile
the market continues to soften.
The typical housing type in this market would
be single level 1970s to 1990s brick and tile
residences. There are limited opportunities for
villas and townhouses in these suburbs with Moss
Vale being the exception and having the majority
of this higher density use, due to being located in
a major township which appeals to retirees and
direct access to infrastructure services.
Overall, we believe the future looks positive
for the Southern Highlands region given its
reasonable proximity to Sydney coupled with
the rapid development of Sydney’s south-west
corridor and major transport infrastructure
announcements including Western Sydney Airport
at Badgerys Creek which brings the Highlands
closer to Sydney. As a direct result of this we are
seeing an influx of young families moving to the
region, particularly the northern suburbs of the
Southern Highlands.
So where would we suggest the best performing
property is for $500,000? Colo Vale would
be our pick in the northern suburbs due to
proximity to the Hume Motorway and Sydney
and Moss Vale in the south of the region due
to established and improving retail, social and
transport infrastructure within the township and
again direct access both north and south to the
Hume Motorway.
Southern Tablelands
Goulburn’s current median house price is
$408,500, giving buyers plenty of opportunities
at the $500,000 price point. Historically, buyers
Typical housing type in this market would be single level
1970s to 1990s brick and tile residences.

16. 35
RESIDENTIAL
Month in Review
July 2019
Melbourne
The Melbourne property market has shown
signs of stabilisation from previous months and
this trend may not continue. With the Coalition
government’s surprise election victory and tight
credit from institutional lenders slightly lifted,
some of the housing stress is expected to lessen
in coming months as buyers grow more confident
following the Reserve Bank’s recent interest rate
cut and moves by bank regulators to lower the
stress-test threshold on borrowers.
Residential estates in the outer suburbs (25-plus
kilometres from Melbourne’s central business
district) in the north, south-east and west are
continuing to expand, with house and land
packages remaining a popular choice for first
home buyers and families. In the middle ring
suburbs, located within 10 to 25 kilometres of the
CBD, such as Keilor East, Preston, Box Hill, Clayton
and Bentleigh, we are seeing redevelopment
of older dwellings on large sites into multiple
townhouses and small scale apartment complexes.
In the inner city, apartment buildings are in various
stages of completion and concerns remain around
off the plan apartment purchases.
South-East Melbourne
The south-east of Melbourne has seen enormous
growth, with the continuous development of
housing estates in the outer south-east and
apartment complexes in the inner south-east.
Thanks to these developments, home buyers are
spoilt for choice when it comes to purchasing a
property for below $500,000.
In the outer south-east you will find mostly family
friendly housing developments offering house
and land packages, however to find a median
house price below $500,000 you will have to
travel out to Frankston North which has a median
house price of $463,693 or Hastings where the
median house price is $462,668. When it comes
to units and apartments, buyers can find good
value in Cranbourne where the median unit price
is $356,814 or Pakenham where the median is
$378,156 (source: openagent.com.au).
When you are restricted by a $500,000 budget,
there are many options in the south-east for
units and apartments. 2/11 Rhyl Close, Endeavour
Hills, a two-bedroom, two-bathroom unit located
approximately 31 kilometres from Melbourne’s CBD
sold on 28 May 2019 for $500,000 on the dot.
2/11 Rhyl Close, Endeavour Hills Source: realestate.com.au
Also selling for $500,000 on the dot on 22 May
2019 was 1/45 Serpentine Road, Keysborough, a
three-bedroom, two-bathroom detached unit of
two positioned on approximately 287 square
metres approximately 27 kilometres from
Melbourne’s CBD. The property was a little dated
compared to the Endeavour Hills property but
offers an extra bedroom.
1/45 Serpentine Road, Keysborough Source: realestate.com.au
When searching for a home in the south-east for
less than $500,000, you must realistically consider
your circumstances. A single or couple looking
to buy for themselves would likely consider the
inner south-east around St Kilda, Elwood or closer
to the city fringe. However, closer to the city you
would be compromising the size of a property but
the opportunity costs may be worth it due to the
proximity to the CBD. 208/173 Barkly Street, St
Kilda sold on 31 January 2019 for $494,000. This
apartment offers two bedrooms, two bathrooms
Victoria
In the inner city apartment buildings are in various stages
of completion and concerns remain around off the plan
apartment purchases.

17. RESIDENTIAL
Month in Review
July 2019
36
with a median house value of $527,217 for suburbs
more than 20 kilometres outside of Melbourne.
Those looking for a bargain however may need
to compromise on the size of the dwelling and
the number of bathrooms while others may even
have to roll up their sleeves and get their hands
dirty. Typical dwellings within this area tend
to be a mixture of older style brick veneer or
weatherboard three-bedroom dwellings with single
carports on approximately 550 square metres
allotments.
Examples currently on the market include:
13 Goulborn Court, Werribee - $395,000 to
$430,000
3 Goulborn Court, Werribee Source: realestate.com.au
Three bedrooms, one bathroom on a 587 square
metre allotment.
8 Broken Court, Werribee - $459, 000 to
$499,000
8 Broken Court, Werribee Source: realestate.com.au
compared to the units and apartments mentioned
above is very poor and the property is in need of a
renovation. It may be difficult for a buyer to outlay
further capital when the sale price is already at
$500,000.
243 Cheltenham Road, Keysborough Source: realestate.com.au
243 Cheltenham Road, Keysborough Source: realestate.com.au
West
Melbourne’s outer western region has changed
considerably over recent times due to significant
population pressure and demand for housing.
Figures released by the ABS in March showed that
Wyndham and Melton were the fastest growing
municipalities behind the city of Melbourne. The
key reason is affordability.
A recent study by Corelogic revealed that
Werribee’s median house value of $486,022 in
March this year was the most affordable and
Hoppers Crossing was the second most affordable
and one car space. Proximity to the CBD, St Kilda
Beach and tram access are all tempting features
for homebuyers however are not always practical
when starting a family.
208/173 Barkly Street, St Kilda Source: realestate.com.au
208/173 Barkly Street, St Kilda Source: realestate.com.au
In the past six months, there have been no
recorded house sales within 27 kilometres south-
east of the CBD. This forces homebuyers looking
for a family home to look further and further out
if they still want the quality. For example, 243
Cheltenham Road, Keysborough, a deceased
estate situated approximately 27 kilometres from
the CBD sold in March 2019 for $500,000. This
property offers three bedrooms, one bathroom
on 532 square metres of land, however the quality

18. RESIDENTIAL
Month in Review
July 2019
37
Gully and Lilydale for something that has been
updated and ready to move in, as we have found
properties that were sold within the $500,000
budget were in original condition that required
some renovation work.
9 Rose Court Lilydale, VIC, 3140 Source: RP Data
Sold $500,000
9 Rose Court Lilydale, VIC, 3140
3 Bed 1 Bath 1 Car house
820 square metres
Sold $530,000
38 Agora Boulevard Ferntree Gully, VIC, 3156
3 Bed 1 Bath 2 Car house
727 square metres
404/1 Elland Avenue, Box Hill, Vic 3128 Source: realestate.com.au
$500,000
404/1 Elland Avenue, Box Hill, Vic 3128
2 Bed 2 Bath 1 Car Apartment
If apartment living is not your style and you prefer
a bit of land, older style villa units with two-
bedrooms, one-bathroom and one lock up garage
can be found in the areas of Ringwood, Croydon,
Bayswater, Boronia and Kilsyth. The weekly rent is
around $330 to $380.
The majority of purchasers of apartments and units
are first home buyers and downsizers, with villa
units generally performing better than apartments.
For Sale $460,500 to $490,000
1/95 Scoresby Road, Bayswater, Vic 3153
2 Bed 1 Bath 1 Car unit
Looking to buy the family home, we recommend
the buyer to increase the budget to about
$700,000 and look further out towards Ferntree
Four bedrooms, one bathroom, double carport on
540 square metre allotment.
Buyers might have to be quick however with
Werribee recording a 5.3 per cent median house
price increase over the March quarter which should
increase buyer confidence. Furthermore, Werribee
was recently identified as Melbourne’s cheapest
suburb located on a metro train line. Property
prices are influenced by public transport access to
and from the CBD and with population and urban
sprawl increase, we expect demand to increase.
Alternatively, if buyers are after something more
modern, they will need to look further afield
to developing estates such as Wyndham Vale,
Rockbank or Melton South.
East
In 2018, properties prices were showing signs
of decline; properties were still selling, however
the supply had declined and days on the market
averaged to about four weeks. This time last
year, the median unit sale price in Lilydale was
$539,000 with a rental return of $350 per week,
and approximate rental yield of 3.38 per cent.
Today it has dropped to a median of $490,000
with a rental return of $365 per week reflecting a
yield of approximately 3.87 per cent.
Fast forward to 2019, with a budget of $500,000,
purchasers are still able to find a modern two-
bedroom, two-bathroom, one-car space apartment
in Boxhill, Watirna South and Ringwood. The
weekly rent is around $340 to $550 depending on
the location and age of the apartment.
With a budget of $500,000, purchasers are still able to find a
modern two-bedroom, two-bathroom, one-car space apartment
in Boxhill, Watirna South and Ringwood.
1/95 Scoresby Road, Bayswater, Vic Source: realestate.com.au

19. RESIDENTIAL
Month in Review
July 2019
38
(Source - RP Data)
2 Puckle Avenue, Mickleham
Sold Price: $472,500
3 Bedroom, 2 Bathroom, 2 Car
Sale Date: 12 May 2019
Land Area: 290 square metres
Year Built: 2018
(Source - RP Data)
Alternatively, as there is an oversupply of vacant
land allotments in these outer northern suburbs,
buyers could purchase a small block of land and
build a new single storey dwelling for around the
same price tag.
The apartment living area will vary generally
between 50 and 60 square meters which reflects
$7,500 to $8,500 per square metre. You will see
developers now coming up with new incentives to
trump other developments by offering facilities such
as allocated refrigerated wine storage and common
cinema rooms, BBQ facilities, gyms and swimming
pools are now the norm.
We caution buyers that between 2011 and late 2018,
more than half of inner-city off-the-plan apartments
re-sold by their owners had no capital gain or sold
at a loss. “They basically sold for the same price or
less” (SMH, Johanson, S. May 2019).
North
As a result of the declining Melbourne property
market, more purchasing options with $500,000
have opened up in the outer northern suburbs,
which were not available in 2017/2018. This price
tag can give you a circa 1990 to 2005 single storey
dwelling with a land area of 550 to 700 square
metres in Craigieburn or a newly constructed
modern single storey dwelling on a smaller
allotment in Mickleham.
13 Plumpton Avenue, Craigieburn Source: RP Data
13 Plumpton Avenue, Craigieburn
Sold Price: $500,000
3 Bedroom, 2 Bathroom, 4 Car
Sale Date: 29 May 2019
Land Area: 695 square metres
Year Built: 1980
CBD
The Melbourne CBD and inner city suburbs
residential market has remained steady
throughout the year in values, and rental returns
are ranging from four to five per cent. At an entry
point of $500,000, you will find a one-bedroom,
one-bathroom, one-car space city apartment or
a two-bedroom, one-bathroom apartment in the
heart of the CBD.
206/336 Russell Street, Melbourne Source: realestate.com.au
$470,000
206/336 Russell Street, Melbourne, Vic 3000
1 Bed 1 Bath 1 Car Apartment
45 square metres
38 Agora Boulevard Ferntree Gully, VIC Source: RP Data 2 Puckle Avenue, Mickleham Source: RP Data
2 Puckle Avenue, Mickleham Source: RP Data

20. RESIDENTIAL
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Units are still struggling with falling prices over the
past five years to the tune of -13.5 per cent (Core
Logic), however rental yields are strong, giving
investors positive cash flow.
The best buying in Shepparton at the moment is
a 1960s to 1980s dwelling that could use some
cosmetic refinement. These are at very affordable
prices with good prospects for value uplift after
works have been completed. These properties are
always sought after by owner-occupiers, investors
and tenants, mainly due to their location and the
bang for buck.
Mildura
The median price for a detached dwelling in
Mildura is just under $300,000, however there are
numerous sales at around $500,000 and sales
activity at this level appears to be increasing.
A quick glance at our records suggests that the
number of sales over $480,000 in the Mildura
postcode has increased from around 20 per year in
2015/2016 to around 50 per year now.
Last year we predicted a strong outlook for better
standard homes in the Mildura region and the
evidence suggests this has proven true, with this
sector showing more value growth than the lower
end of the market.
$500,000 will buy a modern four-bedroom home
on a larger than average size lot, with good external
improvements such as sheds or pools. Buyers are
typically owner-occupiers, with investors more
likely to buy cheaper housing in the $250,000 to
$400,000 bracket, due to their higher rental yield.
The improved sales activity in the $500,000
segment is due to a combination of ongoing strong
economic conditions in the local farming sector
Another option is to co-purchase an existing two or
three-bedroom single dwelling on a small parcel of
land in Brunswick or Fitzroy with the sole purpose
of providing rental income and hold as a future
investment property. As rental properties are still
quite sought after and are providing reasonable
returns, this is also a viable option.
Shepparton
In the Shepparton region, a lazy half million dollars
still buys you far more than in most regional
centres. Most of the ex-display homes are selling
for around the $500,000 mark with a considerable
upgrades list, which is up from around the
$450,000-mark last year. Unfortunately, due to
the oversupply of land in the area, it is still quite
easy for builds to be an overcapitalisation in their
respective estates.
Many out of town investors are still being drawn to
the Shepparton region because of the strong rental
yields exhibited by the sub-$300,000 market, of
which most appear to be investment properties
merely changing hands, rather than an influx of
rental stock. There are still a number of former
housing commission properties being sold with
yields up around 7.5 to eight per cent with tenants
in place. Typically, these properties don’t last more
than a fortnight on the market.
Inner-city buying is still very competitive, however
I personally see this as the area with the most
growth potential as the government spending
starts rolling into the area over the next two to
three years with the hospital redevelopment, arts
museum and rail upgrades. Character homes in
these areas will see a significant upswing in values
as properties with equivalent amenity in other
towns are fetching far higher prices.
Property that can be bought for $500,000 in the
inner northern areas such as Collingwood, Carlton
and Brunswick are still very limited, even with the
decline in property values. Buyers in these areas
can purchase a studio apartment with a living area
of 45 to 55 square metres. As these suburbs are in
such close proximity to the Melbourne CBD, you will
not find another type of property to purchase with
this price tag in these areas.
206/75 Wellington Street, Collingwood
Sold Price: $460,000
1 Bedroom, 1 Bathroom, 1 Car
Sale Date: 26 April 2019
Living Area: 50 square metres
Year Built: 2019
(Source - RP Data)
206/75 Wellington Street, Collingwood Source: RP Data
206/75 Wellington Street, Collingwood Source: RP Data

21. RESIDENTIAL
Month in Review
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40
Older established
properties at around
$500,000 will secure
the purchaser a large
renovated period style
dwelling located within
close proximity to the
CBD and situated on
a large allotment of
between 800 and 1,000
square metres.
If you’re looking for
a tree change and
are seeking a rural lifestyle property within the
surrounding district, $500,000 will not get you
much in the way of newer quality improvements,
rather one should expect an older style dwelling
most likely requiring renovation or updating.
With regard to vacant rural lifestyle land, you
should expect to pay a minimum of $250,000 for
allotments in excess of one hectare. Unfortunately
the tyranny of distance does not help in lowering
the price point, particularly the closer you get to
Yackandandah, Beechworth and Kiewa, all of which
are well regarded and sought after localities.
In terms of investors within this market, $500,000
will most likely allow you to purchase two 1990 two-
bedroom strata titled units in original condition with
lock-up garage and private rear yard. Unfortunately
there are very few blocks of flats within Wodonga,
let alone at this price point. The last block of units
sold had six one-bedroom barracks style flats built
circa 1970, which was purchased for $625,000 at a
gross yield of just under 6.1 per cent.
and low interest rates. The outlook for the farming
sector remains generally positive and we expect
our economy to remain buoyant in the next one to
two years, although we note the potential for low
irrigation allocations in the coming year to curb this
confidence.
The other alternative for investors with $500,000
to spend is to buy a complex of three or maybe four
units. Rents have been increasing in recent years,
and this has maintained gross yields of around 6.5
to seven per cent. Older complexes will be more
affordable, however these come with a need for
ongoing maintenance and buying a better standard
three-unit complex may prove the better long term
investment.
Wodonga
The Wodonga, and indeed West Wodonga,
residential dwelling markets have been
characterised by a spread of sales which have
predominantly occurred within the $200,000 to
$400,000 price bracket, followed by the $400,000
to $600,000. It’s not insignificant to point out that
while the number of sales overall has remained
stable over the past two years, the number of sales
within the $400,000 to $600,000 price bracket
has increased to 28 per cent of all sales over the
past 12 months.
In terms of newer dwellings, $500,000 certainly
goes a long way in Wodonga. At this level of value,
you could expect to purchase a large 200 square
metre dwelling with a high quality fit-out, situated
on an allotment of between 550 and 850 square
metres located within a well-regarded residential
estate with either elevated views or situated close
to schools, shopping and recreation facilities.
Generally, these properties are of a display home
type standard.
28%
of all sales in
Wodonga over
the past twelve
months were in the
$400,000 to
$600,000
price bracket

22. 41
RESIDENTIAL
Month in Review
July 2019
Brisbane
Wandering around the Brisbane residential
property scene with a lazy $500,000 to spend
will get you some attention, but being slightly
below our capital city median (which is somewhat
close to $600,000), your choices in 2019 are
more limited than they were a few years back.
That said, our market has been attracting new
residents from Australia’s more expensive capitals
in increasing numbers. We have so much to offer
and $500,000 provides reasonable options for
anyone who wants to take part but didn’t just sell
their Sydney-based, tax-free home for loads of cash.
A great example of what you can jag at $500,000
in Brisbane is a basic, semi modern three-bedroom,
one-bathroom house on a 400 to 600 square metre
block in Hemmant, Tingalpa or Wynnum West.
For example, this home at 17 Toondah Place,
Tingalpa was reported to have sold in May
for $480,000. The property provides three
bedrooms and a single bathroom on 580 square
metres of land.
Attached housing in the mid-to-outer suburbs
provides opportunity to spend your dough as
well. A great example would be a modern three-
bedroom, two-bathroom townhouse in Manly
West such as this one at 21/312 Manly Road which
sold in May this year for $535,000.
21/312 Manly Rd Source: realestate.com.au
If you want to be closer to town, another option
would be a two-bedroom, two-bathroom unit in
near-CBD suburbs where prices have taken a
bit of a hammering in response to oversupply
concerns. One recent example is 21/35 Dunmore
Terrace, Auchenflower which sold for $489,000
in February this year. The unit offered a modern
finish with two bedrooms, two bathrooms,
and two-car accommodation in a medium-rise
development.
21/35 Dunmore Terrace, Auchenflower Source: realestate.com.au
Some other examples from around the traps
include Keperra on the northside. In this suburb,
lowset post war homes that are a little dated
on the inside will fall just shy of $500,000 with
something a little more polished being in the early
to mid-$500,000s.
One great example is this property at 69
Annandale Street, Keperra which sold for
$504,000 in May this year. Positioned on a 625
square metre lot, this renovated cottage offered
three-bedroom, one-bathroom accommodation
with ready access to retail and transport.
Other options can be limited. Inner-city areas
such as Paddington, Ashgrove and Alderley don’t
even have vacant 405 square metre lots below
Queensland
$500,000 provides reasonable options for anyone who wants
to take part but didn’t just sell their Sydney-based, tax-free
home for loads of cash.
17 Toondah Pl, Tingalpa Source: realestate.com.au

23. RESIDENTIAL
Month in Review
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42
walk-up units in six or eight- pack style complexes
can be purchased in the inner city for under
$400,000, but don’t expect runaway value
growth any time soon.
Finally, how did we go in last year’s lazy
$500,000 report? Well, we were pretty spot
on with our picks. Mostly, our market has been
subdued, so we were suggesting much the same
type of property last year as we have suggested
this year. Dwelling values have shifted very
slightly in a positive direction, whilst established
units have probably decreased some.
It’s Brisbane after all, so stay conservative, stick
to your knitting and you should do okay over the
long term.
Gold Coast
The Gold Coast, Tweed Coast and Lower Logan
areas offer many opportunities in the sub-
$500,000 bracket or the lazy half million. With
everything from acreage to beachfront units,
there is something for everyone! So, let’s take a
look at what each region has to offer.
North West Region
Taking in the northern growth corridor on the
western side of the M1 and out to Jimboomba,
there are many options for someone who has a
lazy half a million dollars to invest in this region.
Across most suburbs an average quality, modern,
four-bedroom, two-bathroom house in good
condition and ready to rent will be less than
$500,000 and on a smaller lot even as low as
$340,000 for a six year old, four-bedroom, two-
bathroom house on a 400 square metre lot in
Yarrabilba!
a townhouse would have a higher rental return,
however value is more likely to remain flat or
go backwards.
While the majority of buyers at this mark will be
local owner-occupiers, with many being first home
buyers, there’s still plenty to attract investors.
Those who pay circa $500,000 should expect
rent between $400 and $450 per week for a
detached house, while a townhouses can achieve
$450 to $500 per week.
If you can find an elusive bargain in an area such
as Kedron for $500,000 you’re doing well - they
are becoming rarer, but still pop up from time
to time. Geebung, Northgate or Virginia are
also good investment locations as they offer
easy access to highways and are close to major
shopping outlets.
Banyo is another area worth considering with
some cheaper properties on offer, although the
style and condition of house may be a somewhat
lesser standard. You really must think about
compromises if you want to go much cheaper –
such as living on a main road or thoroughfare or
other secondary location.
All-in-all though, because this price point is in the
lower half of the Brisbane house value spectrum,
the potential for gains is good. When markets rise,
it’s often the cheaper properties that are dragged
up first.
We touched on units earlier as an option too.
There are bargains to be had with this property
type, but as a general observation, we’d suggest
a cautious approach. Older conventional brick
$500,000, while entry level at The Gap is in
the mid-$500,000s – and that’s for something
requiring a bit of work.
The Northgate and Nundah precinct will see some
options in secondary locations, or for somewhat
dated dwellings, around the $500,000 mark, but
these are mostly knock-downs as entry level here
is pushing closer to $550,000.
So, this is what your dollars will buy, but how wise
is it to purchase at this price point in BrisVegas,
and what are your best alternatives?
When it comes to detached housing, sticking with
fundamentals of location will always serve you
well in Brisbane. When tethered to the $500,000
price point, we suggest that staying as close to
the CBD as possible in a well-serviced suburb
would be a safe bet. A circa 2000 low-set, brick,
three-bedroom, one-bathroom house in Hemmant
would provide excellent capital growth prospects
for example. You can also compromise on the age
and condition of the home to keep the price down.
Perhaps a highset post-war that needed some
love would be a great under-$500,000 buy. After
a bit of work, it’s likely to exceed the half-million
mark in value. If cash flow was a priority, then
When markets rise, it’s often the cheaper properties
that are dragged up first.
69 Annandale St Keperra Source: realestate.com.au

24. RESIDENTIAL
Month in Review
July 2019
43
has been a lot more popular recently with first
home buyers and has continued to be of strong
interest to investors as it always has.
Finally, the suggestions we gave last year
performed exactly as predicted. The investment
market estates in this area have an oversupply
and were not achieving the rental returns
expected. As a result, prices in these estates such
as Yarrabilba have eased up to ten per cent in
the past 12 months, particularly the second hand
product. Established houses in the older areas
have held up better in this downturn.
Central North Region
From Southport to Hope Island and out to the M1
presents a few decent opportunities for property
purchasers with a lazy half million. The market
has eased over the past six months in a number
of areas and as a result there have been a few
sales that present as decent value in comparison
to 2018. Below are a few examples of purchasers
with a long-term view capitalising on a weaker
market.
1/33 Nakina Street, Southport Source: RPData Core Logic
per week with good demand for rental properties
in this suburb mostly attributed to the location
of the property and proximity to the facilities as
noted above.
Upper Coomera has always fluctuated short
term, but over the medium term it has always
had steady growth which would be considered
reasonable to any property investor.
We consider the duplex unit market going even
stronger than the housing market in recent
years in this location. Take a look at the following
example:
1/9 Wendy Court, Upper Coomera Source: Corelogic
A part two level, 2008 build, rendered brick,
weatherboard and tiled roof duplex unit with
double garage at 1/9 Wendy Court, Upper
Coomera sold late last year for $433,233.
Previously, this property sold for $372,500 in
February 2017 and $328,500 in March 2012.
This example shows a 16.5 per cent return in
under two years. This property would rent for
approximately $420 per week. The duplex market
The main issue when trying to pin down a
good investment option is that the market
throughout the region has eased in recent times,
predominantly due to APRA investment lending
regulations and reduced buyer confidence. We do
hope however that with the recent interest rate
cut, it might improve market confidence and we
may start to see some growth again.
The best performing properties can be split
into two categories. First, rural residential small
acreage properties in the western locality of
Jimboomba have been growing slowly and
bucking the trend of the easing property market.
Secondly, the more preferred locality closer to
the M1, the Gold Coast-Brisbane Railway and the
recently completed Westfield Coomera, is Upper
Coomera with the property market over recent
years increasing strongly and only starting to
ease a little in the past two months or so.
Upper Coomera Source: Corelogic
A neat, 14-year-old, modern style, four-bedroom,
two-bathroom brick and tile dwelling with double
garage transacted in May 2019 for $480,000.
This showed good growth from the previous sale
of $438,000 in July 2016 with no substantial
work undertaken to the property.
This example shows a ten per cent return in three
years. This property would rent for $480 to $490
We consider the duplex unit market going even stronger than
the housing market in recent years in this location.

25. RESIDENTIAL
Month in Review
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44
lately, it appears that it is getting harder to find
properties in this suburb at $500,000 or less that
represent really good value for the money.
An alternative beachside location to take into
consideration is Main Beach, located just north
of Surfers Paradise. Main Beach is a popular,
established, good quality, beachside, residential,
holiday and local commercial and retail locality.
The Main Beach area is a popular tourist
destination due to its beachfront location, its
restaurant and retail precinct (Tedder Avenue)
and close proximity to The Broadwater, The Spit
and Surfers Paradise. The area also caters for a
strong component of permanent residents.
All properties in this suburb generally have good
accessibility to the beach, whilst many also are
within walking distance of the light-rail system.
There are solid investment opportunities available
in the $400,000 to $500,000 price range,
however be mindful that stock levels in this price
bracket are reportedly quite low at present.
Typical examples of these properties which have
recently sold in Main Beach are highlighted below.
41/1 Cronin Avenue, Main Beach – sold in March
2019 for $410,000.
41/1 Cronin Av, Main Beach Source: realestate.com.au
single basement garage. The unit had undergone
some upgrades and presented in a good
condition with updated floor coverings, kitchen
and bathroom. This property would achieve a
rental of $330 per week. Previously purchased
in December 2012 for $219,000, the unit has
had minor upgrading of the flooring. The sale
represents a gross yield of 6.6 per cent based
on a 48 week year with four weeks of letting up
allowance.
Now that the election is over, we are seeing more
enquiry and reported interest volumes from
agents, resulting in a stabilising in values after a
drop throughout 2018 and 2019. Whilst we cannot
predict the bottom of the market, it certainly is
not at the top and for those investors with a long-
term view on the Gold Coast market and finance
ready, decent purchases are available with less
competition.
Central Region
If I was to invest $500,000 in today’s market in
the central region of the Gold Coast, the obvious
choice for me would be to buy a two-bedroom unit
in a beachside suburb. Mermaid Beach has been a
hot spot over recent years and there are still some
opportunities here at this price point, however
A neat duplex unit at 1/33 Nakina Street,
Southport built in circa 1992 and comprising
three bedrooms, two bathrooms and single lock
up garage sold in June 2019 for $340,000. The
duplex has an assessed rental of $390 per week.
A great entry point property for a first home
buyer or investor as this market has eased over
the past 12 months. Comparable sales in the area
present this as good value, with a similar duplex
selling 12 months ago for $360,000, being of
similar condition and size, however in a slightly
inferior location along a busy street.
8/146 Central Street, Labrador Source: RPData Core Logic
A circa 1992, part two level (brick/tile) townhouse
with three bedrooms, one bathroom plus
downstairs toilet and single lock up garage
located at 1/146 Central Street, Labrador sold in
May 2019 for $302,500. Sales within this complex
indicate this product has decreased in value since
the previous sale at $365,000 in October 2018
of a similar unit, albeit in superior condition with
plantation shutters and tiled living area.
In the more centrally located area of Southport,
a unit within a low rise complex transacted for
$240,000 in May 2019. Unit 5/43 North Street,
Southport is a circa 1982, ground level (brick and
tile) unit with two bedrooms, one bathroom and
1/146 Central Street, Labrador Source: RPData Core Logic

26. RESIDENTIAL
Month in Review
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45
to $250 with very low body corporate fees. There
is high demand for cheap rentals close to schools,
shopping, parks and highway. With $500,000 you
could possibly pick up a few of these properties
and have a solid return.
Typical examples of properties which have
recently sold are highlighted below.
3 Butterleaf Crescent, Pimpama, QLD, 4209 –
Sold March 2019 for $490,000.
3 Butterleaf Crescent Pimpama, QLD Source: realestate.com.au
Comprises a circa 2018, onground, single level,
four-bedroom, two-bathroom, detached modern
dwelling brick veneer walls, colorbond roof and
two car garage. The property has good external
condition, good internal condition and good
presentation. Total building area is 207 square
metres. The property has standard ancillary
improvements for the area. Land Area is 375
square metres.
89 Great Sandy Circuit, Pimpama, QLD, 4209 –
Sold March 2019 for $494,900.
Comprises a circa 2018, onground, single level,
four-bedroom, two-bathroom, detached modern
dwelling with brick walls, colorbond roof and
two-car garage and living area of 164 square
metres. This is a recently completed home built
7/8-10 Peak Av, Main Beach – sold in Jan 2019
for $465,000
A single level, circa 1988, two-bedroom, two-
bathroom low rise strata unit with two basement
car spaces. The unit was refurbished internally
and has a northerly aspect with local views. The
complex includes a common swimming pool.
For those wanting for a really safe, long term
investment option, look for the circa 1970 to 1990
built two-bedroom apartments with low body
corporate fees as these can generally achieve a
weekly rental value of $420 to $500 per week.
One thing to be aware of is that Main Beach is
known to have many developments which have
higher than average body corporate fees, so it
is best to avoid those units subject to high body
corporate and management fees.
North-East Region
Investing $500,000 in the current market
conditions in the north-eastern growth corridor
would be new product in an owner-occupier
estate such as Gainsborough Greens at Pimpama.
Builders such as Plantation Homes and DBC
Homes offer a ready built product for houses
and duplex units with prices of $410,000 to
$500,000. There is strong rental demand for
that estate and always strong resales. The new
product will also offer depreciation for investors
and no body corporate fees.
Another option if investors were after more rental
yield investments would be the more affordable
areas such as Eagbleby where three-bedroom,
two-bathroom, one and two car garage homes sell
between $210,000 and $240,000, and achieve
rentals of $320 to $360. Two bedroom, one
bathroom, one car accommodation older units go
for as low as $150,000 and achieve rents of $220
A single level, circa 1988, two-bedroom, two-
bathroom low rise strata unit, with one basement
car space and living area of 85 square metres
(including a balcony). The strata unit has an
easterly aspect with local views. Some cosmetic
updates were completed over the years including
new carpets. The complex includes a common
swimming pool and barbecue facilities.
32/11 Breaker St, Main Beach – sold in February
2019 for $444,000.
32/11 Breaker St, Main Beach Source: realestate.com.au
A single level, circa 1988, two-bedroom, two-
bathroom low rise strata unit with two side by
side basement car spaces and living area of 83
square metres. The unit has local views and fair
presentation. The complex includes a common
swimming pool and barbecue facilities.
32/11 Breaker St, Main Beach Source: realestate.com.au

27. RESIDENTIAL
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villages and there is plenty to find. Although there
are some good buys around that come already
completely renovated, there are also quite a few
that will need a bit of updating.
9 Mooball Street, Murwillumbah - sold 16 April
2019 for $487,000
A circa 1910, high set, two-bedroom, one-
bathroom, renovated, detached older dwelling
with timber walls, metal roof and two-car
accommodation. Agents advise that the living
area is 119 square metres and outdoor area is
40 square metres. Features include an overall
renovated interior with renovated kitchen, split
system air conditioning, period style features,
polished timber floors and high ceilings. The
property is an irregular shaped, easy sloping,
inside lot positioned below road level. The
lot faces south with hinterland views and has
frontage to non-residential uses. Ancillary
improvements include driveway, fencing and
landscaping. The property has good external
condition and good presentation. The land area is
1,087 square metres.
7 Wade Street, Murwillumbah – sold 18 March
2019 for $490,000
A high set, circa 1940, older style, fibrous cement
A circa 2009, three-bedroom, two-bathroom
modern townhouse with brick and fibrous cement
sheeting walls, colorbond roof and two-car
garage. The townhouse has a westerly aspect with
local views, an original interior throughout with
split system air conditioning. It was purchased in
2009 for $316,500. Rental is $350 per week.
Tweed Shire
There is plenty available in the Tweed Shire for
a lazy $500,000 - it just depends what you are
willing to compromise.
After a house close to town? Something with a bit
of character and that has views? You will need to
head inland to Murwillumbah and the surrounding
by Plantation Homes with typical finishes for a
dwelling in this locality. Land area is 375 square
metres.
1/24-28 Albert Street, Eagleby, QLD, 4207 –
Sold March 2019 for $173,000
A circa 1989, three-bedroom, one-bathroom
semi-modern townhouse with brick veneer walls,
concrete tiled roof and one-car attached carport.
The living are is 68 square metres and provides
a basic kitchen and modern bathroom. Rental is
$260 to $280 per week.
4/202-206 Fryar Road, Eagleby, QLD, 4207 –
currently under contract for $237,500
3 Butterleaf Crescent Pimpama, QLD Source: CoreLogic 4/202-206 Fryar Road Eagleby, QLD Source: realestate.com.au
9 Mooball Street, Murwillumbah Source: realestate.com.au 7 Wade Street, Murwillumbah Source: realestate.com.au
1/24-28 Albert Street Eagleby, QLD Source: realestate.com.au

28. RESIDENTIAL
47
Month in Review
July 2019
A circa 2008, three-bedroom, two-bathroom
modern duplex unit situated in a two-unit complex
on a concrete footings and slab foundation
with lightweight composite clad and bagged
brick walls, metal roof and two car garage. The
property has fair external condition, good internal
condition and good presentation with a living
area of 139 square metres, outdoor are of 16
square metres and car space of 35 square metres.
The property has a southerly aspect with no
significant views. Ancillary improvements include
exposed aggregate driveway, partially enclosed
yard of colorbond panel construction, exposed
aggregate paths, established landscaping,
established trees and rain water tank(s) of
polythene, slimline construction. The strata land
area is 399 square metres.
26/40-48 Kamala Crescent, Casuarina – sold 5
March 2019 for $500,000
A circa 2006, two-bedroom, two-bathroom
modern strata unit, situated on level two of a
three-level, 45 unit low rise complex on a concrete
footings and slab foundation with rendered brick
walls, metal roof and one car basement car space.
Living are is 89 square metres with outdoor area
of 24 square metres and car space of 16 square
with no significant views and has frontage to a
creek. Access to the property is easy and direct.
Ancillary improvements include a concrete
driveway, concrete, paved and tiled paths, timber
decking, established landscaping, established
trees, garden walls and retaining walls with rock
construction. Land area is 816 square metres.
Or perhaps you’re after something a bit more
coastal? A lazy $500,000 will get you an older
duplex, townhouse or unit if you want to be within
a few kilometres of the beach.
2/7 Gibson St, Kingscliff Source: realestate.com.au
2/7 Gibson Street, Kingscliff – sold 14 February
2019 for $500,000
A circa 1980, part two level, semi-detached, semi-
modern brick, two-bedroom one-bathroom duplex
unit with tile roof and one-car attached carport.
Agent advises that living areas are 103 square
metres, outdoor area of 33 square metres and car
space of 17 square metres. Ancillary improvements
include driveway, fencing and landscaping. The
property has fair external condition, fair internal
condition, fair external paint condition and fair
main roof condition.
2/8 Coucal Street, Pottsville – currently under
contract for $535,000
sheeting, three-bedroom, two-bathroom, dwelling,
with metal roof and one-car detached garage.
Features include polished timber floorboards
and high ceilings. The dwelling is located on an
easy sloping, irregular shaped, inside lot situated
below road level with hinterland views. Ancillary
improvements are of an average standard.
The property has good external condition and
good internal condition, with the kitchen and
bathrooms having been renovated. The land area
is 809 square metres.
10 Old Convent Rd, Uki Source: realestate.com.au
10 Old Convent Road, Uki – currently under
contract for $475,000
A circa 1975, split level, three-bedroom, one-
bathroom, detached semi-modern dwelling on
concrete footings and slab, brick piers foundation
with brick and hardiplank walls, metal roof and
one-car detached carport. The property has
good external condition, good internal condition
and good presentation with living area of 108
square metres, outdoor area of 12 square metres
and 15 square metres of car space. The property
is an irregular shaped, easy to moderately
sloping, inside lot with a suitable building site
which is cut levelled and positioned above road
level. The property is cleared and faces north
2/8 Coucal Street, Pottsville Source: realestate.com.au

29. RESIDENTIAL
Month in Review
July 2019
48
3 Acacia Av, Top Camp Source: realestate.com.au
For those seeking older style character homes, this
property in East Toowoomba sold for $500,000
and comprises a renovated four-bedroom, two-
bathroom dwelling with an extended deck.
As an investor, you could typically get $400 to
$500 rent per week.
13 Leonard St, East Toowoomba Source: realestate.com.au
Comparing these sales to sales of 12 months ago,
half a million in the rural residential and renovated,
older homes market is still getting you a similar
quality dwelling. However, the market seems to
have moved upwards in Middle Ridge and similar
suburbs with $500,000 getting you an older, brick
dwelling in original condition.
character homes within the established inner
suburbs, original and renovated 1970s to 2000s
brick homes in many suburbs, new houses in
developing areas, and homes on larger acreage lots
in close-by neighbouring suburbs.
With this month’s focus on the $500,000 price
point, we have provided recent examples of
property sales in this segment.
Below is a sale of a typical, brick circa 2000s
home in the established area of Middle Ridge.
This property sold for $510,000 and comprises a
four-bedroom, two-bathroom dwelling with double
garage.
As an investor you could typically get $400 to
$500 rent per week.
12 Winton Ct, Middle Ridge Source: realestate.com.au
An alternative for buyers seeking larger lots
is represented by the sale of a modern three-
bedroom, two-bathroom dwelling in the satellite
suburb of Top Camp for $491,000. This property
features a 3,684 square metre lot, playground and
cubby house.
As an investor you could typically get $400 to
$500 rent per week.
metres. The property has good external condition,
good internal condition and good presentation. The
strata unit has a northerly aspect with local views.
Ancillary improvements include concrete driveway,
partially enclosed yard of mixed construction,
paved paths, established landscaping, established
trees and common improvements include on-site
management and caretaker, barbecue facilities,
passenger lift and resort pool. The property has
good external condition, good internal condition
and good presentation.
Investors may look inland for better yield as the
coast does not return the same. Most buyers
are owner-occupiers and the Tweed, particularly
secondary locations inland, is much cheaper than
areas such as the neighbouring Gold Coast and
Byron Shire, however, there has been some easing
since the beginning of 2019 and some better
bargains may be available down the line.
Toowoomba
The Toowoomba property market is relatively
affordable compared to many locations in Australia,
therefore half a million can purchase a wide range
of properties. The $500,000 price point comprises
many different properties such as renovated older
26/40-48 Kamala Cr, Casuarina Source: realestate.com.au

30. RESIDENTIAL
Month in Review
July 2019
49
ability to put a house and land package together for
under $500,000.
Entry level rural residential in the southern
hinterland areas and along the Blackall Range on
land sizes of between 2,000 and 20,000 square
metres still offer very good value for money. In
most cases you have the ability to purchase at well
below replacement cost and in turn get a lot of
bang for your buck.
As we touched on last year, with the larger estates
of Aura in Caloundra West and Harmony at
Palmviews there are options of smaller lot sizes
with some as small as 67 square metres which has
helped this lower end of the market to easily find
a property for under $500,000. It is expected the
supply of these modern small lot developments is
likely to continue as more land is developed and we
think the high levels of supply may limit growth in
the future.
The diversity of the property mix on the coast and
hinterland provides a number of opportunities
for owner-occupiers and investors. It is difficult
to identify one location, however being as close
to the beach as you can would be a good start,
although I would not discount the larger lots in
the hinterland given the ability to purchase below
replacement cost.
Cairns
$500,000 in Cairns is above the median house
price and well above the median unit price so with
that amount of money in your back pocket you
should have a reasonably pleasant house hunting
experience, although it is the bottom end of the
range for a house in one of the better regarded
suburbs close to town.
The first decision to make will be what is most
important – the location or the house? In the
Sunshine Coast
In the past, we have suggested that the best place
to park your lazy $500,000 is in an older original
dwelling along the coastal strip, basically, as close
to the beach as you can. This certainly would have
paid off as it’s now difficult to enter this market
at this level, although not impossible. There are
still some beachside localities that provide this
opportunity. Once again, given the coastal lifestyle
which is not going out of fashion any time soon, go
for it.
These areas include Golden Beach, Battery Hill
and some parts of Kawana to the south and to the
north, Pacific Paradise, Marcoola, Mount Coolum
and the back of Coolum Beach. These are probably
the only areas in which you may find a freestanding
dwelling for around $500,000.
For investors, units in these beachside localities
also provide good opportunities for under
$500,000 with locations around Noosa Heads,
Coolum Beach, Mooloolaba and Caloundra
all providing good access to tourist amenities
and good rental returns at this level. It has
continued to be the smaller complexes with lower
body corporate fees which have been the best
performing.
One market that is still offering value for money
which we touched on last year are the hinterland
townships along the rail corridors, from Glass
House Mountains and Beerwah in the south
through to Palmwoods, Yandina and Eumundi in the
north. These towns have seen some good growth
over the past 24 months with a number of new
subdivisions offering larger allotments with the
See below sale in Middle Ridge 12 months ago.
20 Beardsworth Ct, Middle Ridge Source: realestate.com.au
The $500,000 price point in Toowoomba and
surrounding areas is well above the median
house price which is around the $390,000
mark. Therefore, there are many areas across
the region where homes can be secured at
this price. Areas which may generate superior
capital growth or resale appeal are likely to be
concentrated in the eastern suburbs including
Mount Lofty, East Toowoomba, Rangeville and
Middle Ridge.
It is also possible to secure two dwellings at this
price point in Toowoomba. Some older style
detached dwellings (two to three bedrooms,
one bathroom) in the western suburbs including
Harristown, Newtown and Wilsonton are selling
for between $200,000 and $300,000 and can
provide strong rental returns. Two older style
or even semi modern strata units can easily
be purchased for under or up to $500,000,
reflecting the affordability of the Toowoomba
residential market.
These are probably the only areas in which you may find a
freestanding dwelling for around $500,000.